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  • US-based brokers Arthur J Gallagher & Co (AJG) and Hilb Rogal & Hobbs (HRH) disappointed analysts with first quarter profits down on expectations last week as the top line suffered from the impact of declining insurance rates.
  • US insurers Chubb Corporation and WR Berkley reported profits up and premiums down for the first quarter of 2007.
  • In a further sign of dramatically changed supply conditions in the retro market, rates for Industry Loss Warranties (ILWs) have slumped 30 percent since 1 January 2007, according to Montpelier Re chairman and CEO Tony Taylor.
  • It was at least a year in development, but Paris-based IXIS Corporate and Investment Bank has finally launched its new Bermudian reinsurer and insurance linked securities fund with some $600mn of capital.
  • AmTrust Financial Services Inc has acquired IGI Group Ltd, a small UK specialty insurer.
  • The Bermudian (re)insurer Validus Holdings Ltd has emerged as the front-runner to buy the up-for-sale Lloyd’s insurer Talbot Underwriting Holdings, The Insurance Insider understands.
  • Bermudian IPCRe followed its shock Standard & Poor’s (S&P) downgrade with a strong set of first quarter results and plans for a $200mn share buyback.
  • Bermudian giants ACE Ltd and XL Capital reported analyst-beating first quarter profits last week, but the companies’ performances met with a mixed response from analysts.
  • UK quoted insurer Novae Group plc has issued £100mn of medium-term subordinated notes in a move to restructure its debt.
  • Lloyd's insurer Kiln plc revealed last week that it had bolstered its aviation presence with the appointment of underwriter Philippe Daouphars to write a European account.